The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-01-12


z, l8s5, providing for the funding Of the DOS
notes and small bills, but not the fractiona
currency, into certificates. distribotsd owe
a period OF hVe years. as the act Of 1888 hat
:, Funding was c,mmenced under this act
Upon careful comparison Of the notes, nc
the books with the q ties, II was discovered
mat mahy OF the notes, all $500 and 500
cases they were IMPLICATED, while tbs ba nl
books showed that but ono of such numbAl
and De- omination bad bees issued-ss3 500
There were seventy dunlicate and triplicatt
pnmbers aggregatlng $40 500 While Il may
nave been that some OF those duplicates were
proposed by the tBding out OF some one 81
more, but not all Of tn figures, by which the
respective bills were numbered, yet, In
many cases, the bills were uumistskably
original duplio Ites, which il seems t. me
might have occurred in few instances. but
by no means in one-third or fourth of the
whole number before US, and especially with
bills calling for such large sums.
II vas not believed that such a number OF
duplicates IN liz bills could have bson the
result OF negligence or inadvertence. Move
over, thirty nine other notes, alt of the de-
nomination OF $1,000, we're mutilsted BY
burning, all being bu ned wi h u arked sim
llarity, where tho signatures of the presi-
dent and cashier were. or should have been.
n such peculiar way that the Board
deemed IL imprudent 20 fued either the
duplicate numbered or the mutilated bills
To save = multiplicity of litigations, a case
was made up and carried, finally. TO tho SUI
prone Court OF tho state, md n the name OF
The Noteholders of the Bank of Tennessee
VS.. the funding Board, where il was decided
in the early part of 1880 in favor Of the note
holders by n di sided court. In this litigation
as | have shown. the state has besn in the
main un uceessful in the result, although
the eXpen se thrOuehOut has been greatly lass
than the fractional currency from which the
state was exonerated by such litigation.
a "a W. md o. 80,
in view of oar settlement. was Rained, and
that was delay, and the distribution of thu.
unexpected and oBerous demand upon
the sac over series of years
50 rs to both pay the creditors in the end
and also pay the hondhOlders their in
forest rs it maiured. | have deemed 1t pro
per to thus detail the history of the action OF
the state wi references t. the new issue
OF the Ban of Tennessee for the reason that
II Involved 20 much, and IL was 50 long d
mater OF concern, and has at last been de.
terminsd. wi ouly add that the State has
issued certificates up to date for this money
~ tOllOws:
llrdsr the act Of gs
Under he actOf 1885 ................... 80, 50i
Thers wero paid out of the assets of the
ceiver ia 1855 and 1881, s2l65sl 96 o. these
. rrea'u y srt Gcales" there have been
taken up = lisu of other money for taxes,
and few court JUDGMENTS in favor of the
NtSte Si29,SlO. There ar Outstanding, yet
TO be taken up, Si42, 10. ID ribut,d as fol-
lows Ia 1857, in 1855. ia loS9.
CLAIMS II ED BY THE UNITED ST iTFS
AeAINST HE STATE OF TENNES.
havs rece vel letter from tho Hon.
James y. Port.r, Acting Secretary of State
ct the United states, OF which the following
is n copy:
DEPARTMENT or STArv.
WASHINGTON, OctOber g. 1855. (
To the Hon. William B. Bate, Governor of
Tennessee:
SIRI have tho honor to CAL your attsn-
ton to the inclossd copy o. a letter today
received from he treasurer of tho United
states 10 regard 20 the Withholding of any
moneys due certain sta e,, as provided in
section ASl Of the Revised Statutes, raid
States bsing in default in the payment of
money due the United States by reason of
stocks or bonds / sued by said States and
held in trust by the United otates-which is
sent you for YOUR INFORM ttion l have the
honor to he, sir. or obedient serl ant,
J.ss, d. PORTER. Acting Secretary
The Enclosure is as follows:
TREASURY OP THE UNIfED SrATEs,l
WAshISG OK, October =, 1886.
To the Honorable Secretary of State:
SIR-Referring 10 Section 1881 Revised
Statutes OF the United states, providing for
me, retention Of moneys due from the
United states to any State that may be 10
default in the payment of the principal or
interest on ttOcks or bonds issued by said
state, and held in trust by the United
States, | have the honor to call your atten-
ton to the following States whose bonds are
hello in tnis oflics In trust, on which princi-
pal and interest arc due and unpaid and 10
request that moneys due any OF said States
be withheld, and this Office advised of such
action; Arkansas, Florida, Louisiana,
Virginia. Very respectfully.
U. N. J0RD AN,
Treasurer, United States.
In reply to letter addressed by me to the
Assistant Secretary of the UpiteI States,
asking for inform>on as to what stocks or
bonds issuei by thal State of Tennessee, as
to the payment otWhich, or interest on the
same, the State is in default. have received
II schedule prepared in the Office of the Treas
urer of the United states, herewith trans
mitied, and which shows the following state-
meuti:
Bonds Of Tennessee held by the
United states for the Indian
trust fund ..... ............ ..... S3l4 ,666 6625
Bonds of Tennessee owned by tho
United otites"...,......,.........". Il 900 90
S&iO 6bb 6621
Amoun' dus the stats from the United
States. and withheld, sl0,699 40.
THE BLANK 1908 BONDS AND PLATES.
Pursuant to House joint resolution No. IS,
passed Marcn ~, 1885, directing the Funding
- OhIu W uhNt tue ultuh uO0ua printed uu-
der the 1908 act seat to Nashville and cancel
the same; also TO nave the platet from which
said bonds were printed sent to Nashville
and kept in their custody, subject to the or
ders Of the General A sembly, tho Board
caused the blank bonds and he plates to be
sent to n !shvills and deposited in the base
mont of the capitol, where they now remain
in security, b xed 10 tn rteen large boxes
and awaiting the action of the General AS
semblv. the Board regrets that they b ave
mt IA N Nalad tho hand. Thu Ia haN
II would have req aired several m Oh this to do
so. They would have performed the duty,
however, aruu0us, but az the ii lie set apart
for the work Treasurer Thomas, one Of the
Board, became SICK and linger ed several
months. After h - death there was not suffi
cient time o do the work.
l suggest that these blank bonds and plates
be destroyed under orders of the General
Assembly.
MEMPHIS CITY BONDS.
! received short time since, as Governor
OF the State, not GO of the protest of 500 of
coupons upon certain Memphis city bonds.
Upon sending these notices to the President
OF tho Shelby County Tax nS District Mem
phis), | am informed BY him that there
are only some sl5,OCe or $4,000 in Memphis
city bon Is outstanding that are Endorsed By
the State. and that arrangements will soen
be made to retire tho same.
CONSTITUTIONAL AMENDMENT.
The Forty fourth General Assemae.. at its
regular session OF 1885, by joint re s0lution,
which was agree to by both he Senate and
tho House, having proposed an amendment
to the constitution OF tho state, and as ar.
ticle AI, section 3, Of said constitution re-
CURED sald proposed amendment TO be To-
ferrod to the General Assembly next to be
chosen, to be by them agreed to by two
thirds Of all the members elected TO each
house, before being sub omitted to direct
vote of the Deople; and as required by law,
the publication Of said proposed amendment
was made under tho direction and by the
authority Of the Governor, in proclamation
form, six months previous to the election for
members OF the present General Assembly.
The matter Is now in due form before your
honorable bodies for their action.
Ii will be observed that no special ap.
preparation was made by the legislature to
defray the expenses OF advertising the proc
lamation, and ii being a question affecting
the organic law # Tennessee, i, as Execu-
tive, had IL advertised as exte sively as prac-
ticable, and the expenses therefor pa out
of u general fund in tho Treasury, trusting
TO ur approval, the vouchers for which ac.
counts are on fle Ia the Comptroller's Office.
THE PENITENTIARY.
The report Of the Superintendent, to-
gether with the reports of the Warden and
Deputy Warden ehow that there were on
the prison rolls on December /, 1886, the
names OF 1916 convicts, di tributed as toll
lows; Main prison at Nashville, sol; Tracy
City, SlS; lnman, 1876; Coal Creek, 1i6. The
greatest number Of prisoners in tho peni-
Tertiary at any one time was in 1888, when